<PAGE>

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-KSB
(Mark One)

[X]   ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

For the Fiscal Year Ended December 31, 2001

                                       OR

[ ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

Commission File No. 0-27609

                         MONET ENTERTAINMENT GROUP, LTD.
                 ----------------------------------------------
                 (Name of Small Business Issuer in its charter)

                Colorado                                          84-1391993
        ------------------------                             -------------------
        (State of incorporation)                                (IRS Employer
                                                             Identification No.)
    222 Milwaukee Street, Suite 304
           Denver, Colorado                                         80206
---------------------------------------                            --------
(Address of Principal Executive Office)                            Zip Code

Registrant's telephone number, including Area Code: (303) 329-3479

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act:

                                  Common Stock
                                (Title of Class)

Check whether the Registrant (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12
months (or for such shorter period that the Registrant was required to file such
reports) and (2) has been subject to such filing requirements for the past 90
days.
                                 YES [X] NO [ ]

Check if disclosure of delinquent filers in response to Item 405 of Regulation
S-B is not contained in this form, and no disclosure will be contained, to the
best of the Registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-KSB or any
amendment to this Form 10-KSB. [X]

The Company's revenues for the most recent fiscal year were $      -0-    .
                                                             -------------

The aggregate market value of the voting stock held by non-affiliates of the
Company on March 8, 2002, was $0.00.

As of March 8, 2002, the Company had 5,000,000 issued and outstanding shares of
common stock.



<PAGE>

ITEM 1. DESCRIPTION OF BUSINESS

         Monet Entertainment Group, Ltd., (the "Company") was formed in 1996 in
order to finance the production of low budget feature length motion pictures and
a variety of other entertainment projects including documentaries, video
recordings and musical recordings. Many small independent producers are
financially unsophisticated and have little experience in raising the capital
required to produce their projects. As a result, the Company believes that there
is an opportunity to provide financing for projects which have a production
budget of between $50,000 and $1,000,000. The Company is of the opinion that
there is virtually no organized competition for financing of this nature.

         The Company's offices are located at 222 Milwaukee St., Suite 304,
Denver, Colorado 80206. The Company's telephone number is (303) 329-3479.

The financing to be provided by the Company will typically be in the form of one
or more of the following:

         1.       Direct loans

         2.       Equity participations

         3.       Project completion bonds

         In the case of direct loans, the interest rate will normally be five to
seven percentage points above the then prevailing prime lending rate, plus an
origination fee which will normally not exceed 3% of the amount of the loan. The
loans will generally have a maturity of two years or less. Direct loans will be
secured by the specific project being financed, the personal guarantees of the
producer and/or others involved in the project and in some cases by other
collateral.

         Equity participation will involve an investment in the entertainment
project in return for a percentage of any profits earned from the commercial
exploitation of the project.

         A completion bond will be the financial guaranty of the Company to
complete production of the project in the event that the production exceeds its
budget and additional capital is unavailable. The Company plans to reinsure any
bonds which its issues with insurers of sufficient financial resources such that
the Company will never be fully at risk for any capital which may be required if
the Company is called upon to pay the bond. In the alternative, the production
entity may be asked to pledge sufficient collateral to cover the bonded guaranty
such that the Company will be fully covered in the event there is any call on
the bond. The Company believes that its proposed completion bond program will
assist small independent producers in obtaining financing for their projects and
will be unique in the industry. The Company will charge the producer receiving
the bond a fee, which will normally be in the range of 3% to 5% of the amount of
the bond, for providing the completion bond.



                                       2
<PAGE>

         In addition to direct funding from the Company or a Company sponsored
joint venture, the Company also plans to provide small independent producers
with assistance in raising financing for entertainment projects with production
budgets in the range of $50,000 to $1,000,000. The Company intends to introduce
independent producers to persons willing to fund entertainment projects and
prepare, or supervise the preparation of, all documentation required to obtain
such financing.

         The Company may also assist small independent producers in the
distribution of low budget motion pictures. In addition to standard theatrical
release, other distribution channels which the Company will pursue include video
cassette, video disc, DVD technology, airline syndication and foreign television
syndication. Depending upon the nature and commercial appeal of the project, the
Company may also license the sound track to a motion picture and the rights to
market merchandise based upon the film. If the Company can obtain distribution
agreements for a motion picture and/or licensing agreements pertaining to the
commercial exploitation of ancillary rights to the film, the Company is of the
opinion that obtaining production financing will be less difficult.

         In 1996 Stephen Replin, an officer, director and principal shareholder
of the Company, purchased a 25% interest in a feature-length motion picture
(then in production) for $25,000. In 1996 Mr. Replin conveyed a 5% interest in
the film (20% of Mr. Replin's interest) to the Company in exchange for 2,295,000
shares of the Company's common stock. The film in which the Company has a 5%
interest was completed in 1998 and its producer is presently attempting to sell
the film to a distributor. If a sale is completed it is not expected that the
Company or the other owners of the film will retain any rights in the profits,
if any, resulting from the distribution of the film.

         At the present time, the Company is in the development stage and has
not earned any revenues from its proposed operations.

         Before the Company can begin operations, the Company will need to raise
at least $250,000 so that the Company will be in a position to begin funding
entertainment projects and/or issuing completion bonds. The Company will attempt
to raise this capital through:

         1.       The private sale of its debt and/or equity securities.

         2.       Borrowings from private lenders.

         3.       Joint ventures which will be formed by the Company and third
                  parties for the purpose of funding one or more entertainment
                  projects.

         The Company does not have any commitments from any person to provide
any capital to either the Company or to any producer of motion pictures or other
form of entertainment. The Company does not have any agreements with any motion
picture producer or producer of other forms of entertainment to finance the
production of any entertainment project. There can be no assurance that the
Company will be successful in terms of raising any capital, funding any
entertainment projects, or earning any profits.



                                       3
<PAGE>

EMPLOYEES AND OFFICES

         As of March 8, 2002, the Company did not have any full time employees.

         The Company's offices are located at 222 Milwaukee St., Suite 304,
Denver, CO 80206 and its telephone number is (303) 329-3479.

ITEM 2. DESCRIPTION OF PROPERTIES

See Item 1 of this report.

ITEM 3. LEGAL PROCEEDINGS.

         The Company is not party to any pending legal proceeding nor is any of
its property the subject of any pending legal proceeding. The Company is not
aware of any proceeding that a governmental authority is contemplating.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

         Not Applicable

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

         As of March 8, 2002, there were approximately 1,300 beneficial owners
of the Company's common stock. The Company's common stock is not publicly
traded.

COMMON STOCK

         The Company is authorized to issue 25,000,000 shares of common stock
(the "Common Stock"). Holders of Common Stock are entitled to cast one vote for
each share held of record of all matters presented to shareholders. Cumulative
voting is not allowed, which allows the holders of a majority of the outstanding
Common Stock to elect all directors.

         Holders of Common Stock are entitled to receive such dividends as may
be declared by the Board of Directors out of funds legally available for the
payment of dividends and, in the event of liquidation, to share pro rata in any
distribution of the Company's assets after payment of liabilities. The Company
has never declared a dividend and it is not anticipated that dividends will be
paid in the foreseeable future.

         Holders of Common Stock do not have preemptive rights to subscribe to
additional shares issued by the Company. All of the outstanding shares of Common
Stock are fully paid and non-assessable.



                                       4
<PAGE>

PREFERRED STOCK

         The Company is authorized to issue up to 25,000,000 shares of preferred
stock. The Company's Articles of Incorporation provide that the Board of
Directors has the authority to issue the Preferred Stock from time to time, with
such designations, preferences, conversion rights, cumulative, relative,
participating, optional or other rights, qualifications, limitations, or
restrictions thereof as they determine, within the limitations provided by
Colorado statute.

ITEM 6. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS

         See Item 1 of this Report.

ITEM 7. FINANCIAL STATEMENTS

         See the financial statements attached to this report.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE

         Not applicable.

ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS, COMPLIANCE
WITH SECTION 16(A) OF THE EXCHANGE ACT

<Table>
<Caption>
              Name                          Age                        Position
              -----                         ---                        --------
<S>                                         <C>               <C>
              Stephen D. Replin             53                President and a Director

              Raven Printz                  59                Executive Vice-President and Secretary
</Table>

         Directors are elected at each annual general meeting and serve until
their successors have been elected. Officers are appointed by the board of
directors and serve at the pleasure of the board.

         STEPHEN D. REPLIN has been an officer and director of the Company since
its inception in September 1996. From October 1988 through the present, Mr.
Replin has served as the President of Regatta Capital, Ltd. Mr. Replin has been
an asset-based lender in the state of Colorado since 1977. Mr. Replin received a
Bachelor of Science Degree in accounting from the University of Colorado in June
1969 and a Masters Degree in Business Administration, with distinction, from the
New York University Graduate School of Business in June 1971, majoring in
corporate finance and investments. Mr. Replin received his law degree from the
University of Denver College of Law in June 1976, and a Master of Law Degree
(LL.M) in taxation from the New York University School of Law in June 1977. Mr.
Replin is a certified public accountant, licensed in the state of Colorado.



                                       5
<PAGE>

      RAVEN PRINTZ has been an officer of the Company since January 1999. Since
July 1996 Ms. Printz has been the President of Cherry Creek Film, Inc., a
corporation engaged in the development of independent full length feature films.
Cherry Creek Film also provides consulting services to the motion picture
industry and sponsors instructional seminars in the fields of filmmaking and
screen writing. For the past twenty-three years Ms. Printz has been involved
with over twenty full length feature films or documentaries as either a
producer, co-producer, writer, director, technical director, production
assistant, casting director, talent assistant, or consultant.

ITEM 10. EXECUTIVE COMPENSATION

         The following table on discloses all compensation received by the
Company's President (the Company's Chief Executive Officer) during the three
years ending December 31, 2001. During this three-year period no executive
officer received annual salary and bonus payments from the Company in excess of
$100,000.

<Table>
<Caption>
                                   Annual Compensation                 Long Term Compensation
                               ---------------------------       ----------------------------------
                                                    Other                     Securities                  All
Name and                                           Annual        Restricted   Underlying                  Other
Principal                                          Compen-         Stock       Options/      LTIP        Compen-
Position              Year     Salary    Bonus      sation         Awards        SARs       Payouts       sation
---------             ----     ------    -----     -------       ----------   ----------    -------      -------
<S>                   <C>      <C>       <C>       <C>           <C>          <C>           <C>          <C>
Stephen Replin,       2001        --       --         --             --            --          --            --
President             2000        --       --         --             --            --          --            --
                      1999        --       --         --             --            --          --            --
</Table>

         The following table shows the amount which the Company expects to pay
its executive officers during the year ending December 31, 2002 and the time
which the Company's executive officers plan to devote to the Company's business.


<Table>
<Caption>
                                                Proposed                   Time to be Devoted to
Name                                          Compensation                 the Company's Business
----                                          ------------                 ----------------------
<S>                                           <C>                          <C>
Stephen D. Replin                                $ 5,000                            10%
Raven Printz(1)                                  $25,000                            50%
</Table>

(1)      It is not expected that Ms. Printz will devote any substantial time to
         the Company's business until the Company raises approximately $250,000
         in capital.



                                       6
<PAGE>

ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.

         The following table shows the ownership of the Company's common stock
by the Company's officers and directors and by those persons known by the
Company to be the beneficial owners of more than 5% of the Company's common
stock as of March 8, 2002. Unless otherwise indicated all shares are owned of
record.

<Table>
<Caption>
                                                                                                     Percent of
     Name and Address                                       Shares Owned                               Class
     ----------------                                       ------------                             ----------
<S>                                                         <C>                                      <C>
     Stephen D. Replin                                      3,870,000(1)                               77.4%
     222 Milwaukee St.
     Suite 304
     Denver, CO 80206

     Raven Printz                                              75,000                                   1.5
     222 Milwaukee St.
     Suite 304
     Denver, CO 80206

     Chester Cedars
     222 Milwaukee St.                                        450,000                                   9.0%
     Suite 304
     Denver, CO 80206

     Laurie Rhoades
     222 Milwaukee St.                                        450,000                                   9.0%
     Suite 304
     Denver, CO 80206

     All Officers and Directors as
     a Group (2 persons)                                    3,945,000                                  78.9%
</Table>

(1)      Includes shares owned by various business entities controlled by Mr.
         Replin.

         There are no arrangements known to the Company which may result in a
change in control of the Company.

ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

         Since September 1996 Regatta Capital, Ltd. has provided office space,
furniture, and office equipment to the Company. Regatta Capital is controlled by
Stephen Replin, an officer and director of the Company. As of December 31, 2001
Regatta Capital had not charged the



                                       7
<PAGE>

Company for rent or any related costs or expenses. It is not expected that
Regatta Capital will charge the Company for rent or other services until the
Company begins to generate revenues.

ITEM 13. EXHIBITS AND REPORTS ON FORM 8-K

(a) Exhibits

<Table>
<Caption>
Number       Exhibit                                                           Page Number
--------     -------                                                           -----------
<S>          <C>                                                               <C>
  3          Articles and Bylaws                                               (1)

  4          Instruments Defining the Rights of Security Holders               (2)

  10         Material Contracts                                                None

  23         Consent of CPA                                                    See Attached
</Table>

(1)      Incorporated by reference, and as same exhibit number, from the
         Company's Registration Statement on Form 10-SB (Commission File Number
         0-27609).

(2)      Included as part of Exhibit 3.

(b) The Company did not file any reports on Form 8-K during the quarter ending
December 31, 2001.



                                       8
<PAGE>

                                   SIGNATURES


         In accordance with Section 13 or 15(a) of the Exchange Act, the
Registrant has caused this Report to be signed on its behalf by the undersigned,
thereunto duly authorized on the 8th day of March, 2002.

                                       MONET ENTERTAINMENT GROUP, LTD.


                                                /s/ Stephen D. Replin
                                       -----------------------------------------
                                       Stephen D. Replin, President, Chief
                                       Executive Officer and Pricipal Financial
                                       Officer


              In accordance with the Exchange Act, this Report has been signed
by the following persons on behalf of the Registrant in the capacities and on
the dates indicated.

<Table>
<Caption>
Signature                                   Title                       Date
---------                                   -----                       ----
<S>                                       <C>                       <C>
/s/ Stephen D Replin
-----------------------------
Stephen Replin                            Director                  March 8, 2002
</Table>



                                       9
<PAGE>

                              STORY & COMPANY, P.C.
                          CERTIFIED PUBLIC ACCOUNTANTS





               REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS




To the Board of Directors
Monet Entertainment Group, Ltd.

We have audited the accompanying balance sheets of the Monet Entertainment
Group, Ltd. (a Development Stage Enterprise) as of December 31, 2000 and 2001
and the related statements of income, stockholders' equity, and cash flows for
the two years then ended. These financial statements are the responsibility of
management. Our responsibility is to express an opinion on these financial
statements based on our audit.

We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance as to whether the balance sheet is free of material misstatements. An
audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall balance sheet presentation. We believe that our audit
of the financial statements provides a reasonable basis for our opinion.
..
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Monet Entertainment Group, Ltd.
(a Development Stage Enterprise) as of December 31, 2000 and 2001, and the
results of its operations and its cash flows for the two years then ended. in
conformity with generally accepted accounting principles.






Story and Company, P.C.
Certified Public Accountants
February 11, 2002
Denver, Colorado



                                       10
<PAGE>

                         MONET ENTERTAINMENT GROUP, LTD.
                        (A Development Stage Enterprise)

                                  BALANCE SHEET


<Table>
<Caption>
                                                               December 31, 2001   December 31, 2000
                                                               -----------------   -----------------
<S>                                                            <C>                 <C>
ASSETS

Cash                                                           $           1,961   $           1,961

Investments

         Energy Investment Group,                                            115                 115
         Common Stock (Note B)

         Interest in motion picture (Note C)                               5,000               5,000

Organization Expenses (Note D)                                             2,843               2,843



TOTAL ASSETS                                                   $           9,919   $           9,919



SHAREHOLDERS EQUITY

         Common stock, no par value, 25,000,000 shares         $           9,919   $           9,919
         authorized, of which 5,000,000 are
         outstanding (Notes B and C)

         Preferred Stock, no par value, 25,000,000                            --                  --
         authorized, none outstanding

         Total Shareholders Equity                             $           9,919   $           9,919



TOTAL LIABILITIES AND SHAREHOLDERS EQUITY                      $           9,919   $           9,919
</Table>



    The accompanying notes are an integral part of these financial statements



                                       11
<PAGE>

                         MONET ENTERTAINMENT GROUP, LTD
                        (A Development Stage Enterprise)

                   STATEMENTS OF INCOME AND RETAINED EARNINGS


<Table>
<Caption>
                                                         Twelve months Ended           Twelve Months Ended
                                                         December 31, 2001             December 31, 2000
                                                         -------------------           -------------------
<S>                                                      <C>                           <C>
Income                                                           $0                            $0

Expense                                                           0                             0

Net Operating Income Before Taxes                                 0                             0

Net Income                                                        0                             0

Beginning Retained Earnings                                       0                             0

Ending Retained Earnings
</Table>



    The accompanying notes are an integral part of these financial statements



                                       12
<PAGE>

                         MONET ENTERTAINMENT GROUP, LTD
                        (A Development Stage Enterprise)

                            STATEMENTS OF CASH FLOWS



<Table>
<Caption>
                                                     Twelve months ended   Twelve months ended
                                                     December 31, 2000     December 31, 2000
                                                     -------------------   -------------------
<S>                                                  <C>                   <C>
CASH FLOWS FROM OPERATING ACTIVITIES

         Net Income                                  $                 0   $                 0

         Net Cash Provided by Operating Activities                     0                     0



CASH FLOWS FROM INVESTING ACTIVITIES

         Net Cash Provided by Investing Activities                     0                     0



CASH FLOW FROM FINANCING ACTIVITIES

         Issuance of Capital Stock                                     0                     0

         Net Cash Provided by Financing Activities                     0                     0



NET INCREASE IN CASH                                                   0                     0


CASH, BEGINNING OF PERIOD                                          1,961                 1,961


CASH, END OF PERIOD                                                1,961                 1,961
</Table>



    The accompanying notes are an integral part of these financial statements



                                       13
<PAGE>

                         MONET ENTERTAINMENT GROUP, LTD
                        (A Development Stage Enterprise)

                        STATEMENT OF STOCKHOLDERS EQUITY

            Inception (September 20, 1996) through December 31, 2001


<Table>
<Caption>
                                                                         Price per
                                                  Amount      Shares       Share
                                                 ---------   ---------   ---------
<S>                                              <C>         <C>         <C>
ISSUED AND OUTSTANDING AT DECEMBER 31, 1996      $   9,919   5,000,000   $  0.0022

    Change During Year Ended December 31, 1997         -0-         -0-         -0-
ISSUED AND OUTSTANDING AT DECEMBER 31, 1997      $   9,919   5,000,000   $  0.0022

    Change During Year Ended December 31, 1998         -0-         -0-         -0-

ISSUED AND OUTSTANDING AT DECEMBER 31, 1998      $   9,919   5,000,000   $  0.0022

    Change During Year Ended December 31, 1999         -0-         -0-         -0-

ISSUED AND OUTSTANDING AT DECEMBER 31, 1999      $   9,919   5,000,000   $  0.0022

    Change During Year Ended December 31, 2000         -0-         -0-         -0-

ISSUED AND OUTSTANDING AT DECEMBER 31, 2000      $   9,919   5,000,000   $  0.0022

    Change During Year Ended December 31, 2001         -0-         -0-         -0-

ISSUED AND OUTSTANDING AT DECEMBER 31, 2001      $   9,919   5,000,000   $  0.0022
</Table>



    The accompanying notes are an integral part of these financial statements




                                       14
<PAGE>

                         MONET ENTERTAINMENT GROUP, LTD.
                        (A Development Stage Enterprise)

                          Notes to Financial Statements

BACKGROUND AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Background

The Monet Entertainment Group, Ltd.. (the Company) was formed on September 20,
1996 for the purpose of engaging in two pursuits within the entertainment
industry which involve developing a unique "completion guarantee" to assure the
completion of selected projects and developing a financing program for full
length motion pictures:

         1. Completion bonding activities are associated with and a part of
commercial film production and other entertainment production activities. A
"completion bond" is a guarantee that should a film project go over budget or
not have sufficient capital to complete the film, the guarantor will provide the
additional capital needed to insure completion of the project. This guarantee
for small independent producers is unique in the entertainment industry. At
present completion bonding has been a requirement for medium and large budget
productions but generally unavailable for small producers. Lack of availability
of this or a similar financial product has resulted in secondary producers
having great difficulty in obtaining financing and has kept many worthwhile
projects from reaching theaters. It is anticipated that Monet's completion bonds
will be reinsured with companies with sufficient capital resources to preclude
the possibility that Monet will ever be at risk for capital shortages in bonded
projects.

         2. Financing feature length budget films will be accomplished through
the formation of a continuing series of joint ventures with independent
filmmakers. Plans include taking fractional interests in selected film projects,
thus spreading investor risk in the most advantageous manner. Project
involvement will be financed through joint-venture arrangements with individual
investors and small non-entertainment related companies.

Monet Entertainment Group, Ltd. is considered to be a Development Stage
Enterprise because planned principal operations have not commenced and there has
been no revenue therefrom.

Accounting Policies

The accompanying balance sheet is presented in the format prescribed for
development stage enterprises by Statement of Financial Accounting Standards No.
7 issued by the Financial Accounting Standards Board.



                                       15
<PAGE>

                         MONET ENTERTAINMENT GROUP, LTD.
                        (A Development Stage Enterprise)

                          Notes to Financial Statements

INVESTMENTS The Company has exchanged shares of its common stock for shares of
Series C common stock of Energy Acquisition Companies, Inc.(Energy), a New York
Corporation.

The exchange, which was effective on October 7, 1996, (the date the Certificate
of Share Exchange was filed by the Colorado Secretary of State and by the New
York Department of State), resulted in the exchange of 115,531 shares of Energy
Acquisition Companies, Inc. Series C, Par Value $0.001 Common Stock for 500,000
shares of Monet Entertainment Group, Ltd. Common Stock

The 115,531 shares of Energy Acquisition Companies, Inc. common stock received
by Monet represents 9/10 of one percent of Energy's outstanding shares. The
500,000 shares of Monet common stock surrendered to Energy represents eleven
percent of the Company's outstanding common stock, and two percent of its
authorized stock.

INTEREST IN MOTION PICTURE During its initial operating period the Company
acquired an interest in a feature-length motion picture, tentatively entitled
Salvation. This interest was conveyed by Mr. Stephen Replin, President and
principal stockholder of Monet Entertainment Group, Ltd., in exchange for
2,295,000 shares of common stock.

Mr. Replin, in 1996, acquired a 25 percent interest in the film for $25,000. He
conveyed 20 percent of his interest in the film to Monet, thereby providing the
Company with a five percent ownership position.

When Monet Entertainment acquired its interest in the film, it was incomplete.
As of December 31, 2001 the film has been completed for more than two years.
Management continues efforts to sell the film outright to a distributor, however
a sale in the immediate future is not anticipated. An outright sale contemplates
a fixed price agreement in which the sellers do not retain rights to share in
the profits, is any, resulting from the distribution and promotion of the film.
It is not anticipated that the owners of the film, including Monet Entertainment
Group, will be required to contribute additional capital to sell the film.

ORGANIZATIONAL EXPENSES Three former officers of the Corporation were each
awarded 435,000 shares of common stock in recognition for their service rendered
without compensation to the Corporation. The value of their contribution has
been classified as an organizational expense and will be amortized over a period
of time consistent with tax law, once the corporation is no longer classified as
a development stage enterprise.



                                       16
<PAGE>

                                INDEX TO EXHIBITS

<Table>
<Caption>
EXHIBIT
NUMBER                  DESCRIPTION
-------                 -----------
<S>                     <C>
23                      Consent of CPA
</Table>